Right time to do Investment According to your Age- For All
Managing your investment according to your age and at the right time will give you a wealthy and risk-free life financially. It will also give you the potential to manage your finances in weak times into our different stages of life. If you aware of the right time to do investment according to your age then you live your life like a pro without any hassle.
Investment strategies and plans vary, depending on age, situations and according to your awareness. I have created an aged batch of 4 like in your 20’s, 30’s, 40’s and 50’s so you can easily understand according to your financial situation and future return situation how much you have to invest and where and how to invest to be a wealthy person in life.
In your 20’s
- Best time of your life to save money, if you have a continuous income. Actually, this is your career starting time but with fewer responsibilities and liabilities(conditions vary person to person).
- Save little and invest it in long-term(10-12years) plans so they will return you more. Long terms return high, almost higher than every plan.
- It is also good if you willing to buy a new house or want to buy a new car, it will help you to achieve your dreams. Also for family future plannings.
- Invest in mutual funds, index funds or if have a sum of money and have a good knowledge of real estate then it will be very good for your future.
- People also invest in gold, silver, stocks according to their knowledge and practices.
In your 30’s & 40’s
- Now time to walk with family and their responsibilities, I think everyone has in this age criteria. Expenses will increase, savings comes to lesser level.
- Plan according to your pocket because every member of the family needs everything if they depend on you. Plan to save little but invest it cleverly and according to your planning, so that savings will not interrupt without maturity.
- In 30’s it’s not too late to invest, but it’s choosy time because of many factors like children’s higher studies and all other expenses.
- In 40’s when children almost complete their studies, time to save more for your old age life, invest in some pension plans. If you are well in terms of health then invest in little long-term plans. If you want to live a marvelous life after retirement.
- This is the best time to maximize your RRSP contributions. Take advantage of a TFSA, if you still have money left.
In your 50’s
- In this time period convert your all investments into cash to ensure your retirement income. And reinvest them if required in the low-risk investment plan. Guaranteed return plans are the best according to your criteria.
- Some people have already created a good amount of wealth coming nearly to this age and converted their accumulation instrumentations to cash out instrumentations. So that they don’t require any other source for their livelihood. But some of them are smart who worked in financial fields they are sure about investments that what they have to do next.
If you are very much conscious about your financial management then please make an appointment with a good financial advisor, who will guide you best.
Thanks for reading…
If you like this post then please share and comment.